Investors in the Series I $500 million Domestic FGN US Dollar Bond will get 9.7 per cent dividends, according to the guidelines for the offer which opened yesterday.
To participate in the offer, all payments shall only be made into designated accounts through the banking system and electronic transfers.
Offer documents obtained yesterday disallow cash deposits, while subscribers must provide all Know-Your-Customer (KYC) requirements.
According to the guidelines for the offer, no cash deposits will be accepted under the transaction, except where they have been made into the domiciliary account for not less than 30 days before the offer date.
A five-year bond, with bi-annual interest payment in the currency of issuance, the first-of-its-kind domestic issuance carries a coupon or interest rate of 9.75 per cent and is considered attractive by market consensus.
The bond will be listed on the Nigerian Exchange (NGX) and FMDQ Securities Exchange, providing liquidity and accessibility to investors.
